Former Credit Union Employee Embezzled Nearly $2.5 Million

Former Credit Union Employee Embezzled Nearly $2.5 Million

On November 15, 2016, Linda Lee Clark, 68, of Corydon, Iowa, was sentenced to 78 months in prison for embezzlement by a credit union employee. Clark was ordered to serve five years of supervised release following her imprisonment and to pay $2,494,809.33 in restitution.

On July 15, 2016, Clark pled guilty to a United States Attorney’s Information charging her with embezzlement by a credit union employee. Clark admitted to embezzling approximately $2,494,809 of funds from the SCICAP Credit Union in Chariton, Iowa, from the time she began working there as a bookkeeper in 1978 until she resigned in August 2015. Clark redirected account holders’ deposits into her own personal account and the accounts of her children; and initiated unauthorized withdrawals of funds from member accounts into her own personal account and the accounts of her children. Clark concealed the embezzlement by maintaining two sets of accounting records on the Credit Union’s data processing system. As a result of Clark’s embezzlement, the Credit Union became insolvent and was forced into liquidation.